Management company - audited accounts
- Thread starter woods
- Start date
Hey All
Need your expert advice!!
Our property management company is due to have an AGM between 21st March - 21st April 2006 at which the audited accounts need to be presented and lodged. All apartment owners need to be given 28 days notice in writing of the AGM, we have recieved nothing yet.
We have choosen not to remind the director of the management company as personally i want him to get in trouble if possible.
But realistically, what can happen to him if he doesnt file these accounts with the CRO before 22nd April?
Cheers
Need your expert advice!!
Our property management company is due to have an AGM between 21st March - 21st April 2006 at which the audited accounts need to be presented and lodged. All apartment owners need to be given 28 days notice in writing of the AGM, we have recieved nothing yet.
We have choosen not to remind the director of the management company as personally i want him to get in trouble if possible.
But realistically, what can happen to him if he doesnt file these accounts with the CRO before 22nd April?
Cheers
johnnybegood
Registered User
- Messages
- 122
The 22nd April 2006 maybe the Annual Return Date (this is the date when the return is made up to) A company then has 28 days from this date to lodge the accounts in the CRO.
However if the 22 April is the Annual Return Date plus 28 days and the company does not file the return on time then the following will happen:
(1) then company will automatically incur a late filing fee of €100
(2) thereafter the company will incur a daily penalty of €3 per day until such time that the return is file. The maximum penalty including the €100 in point 1 is capped at €1,200. In addition the filing fee will have to be paid on this return.
In regards to your question what happens to him? Basically nothing from a CRO point of view the company is punished for having the return submitted late (In this case through financial penalty)
From the point of view of representing the mgt company on the members behalf there may be some disciplinary issues but i am not an expert and to be honest can't see what action may be taken. depends on contract/agreement that is in place.
hope that helps.
However if the 22 April is the Annual Return Date plus 28 days and the company does not file the return on time then the following will happen:
(1) then company will automatically incur a late filing fee of €100
(2) thereafter the company will incur a daily penalty of €3 per day until such time that the return is file. The maximum penalty including the €100 in point 1 is capped at €1,200. In addition the filing fee will have to be paid on this return.
In regards to your question what happens to him? Basically nothing from a CRO point of view the company is punished for having the return submitted late (In this case through financial penalty)
From the point of view of representing the mgt company on the members behalf there may be some disciplinary issues but i am not an expert and to be honest can't see what action may be taken. depends on contract/agreement that is in place.
hope that helps.
Hey All
Further to this we have recieved notification of the AGM and have been given a set of the audited accounts,
The accounts have already been filed with the CRO.
However, there are items in the accounts we are questioning, we have said we would like to recieve reciepts for etc.
Also the developers who we know personally own property in our developement have not declared their shares which i believe they are supposed to do...
I thought as members of the management company we would be able to view and approve these accounts before they were lodged with the CRO?
Further to this we have recieved notification of the AGM and have been given a set of the audited accounts,
The accounts have already been filed with the CRO.
However, there are items in the accounts we are questioning, we have said we would like to recieve reciepts for etc.
Also the developers who we know personally own property in our developement have not declared their shares which i believe they are supposed to do...
I thought as members of the management company we would be able to view and approve these accounts before they were lodged with the CRO?
Is it not the case that as shareholders/members you authorise the elected board of directors to do this on your behalf? I know that I have never seen the accounts before they were audited and lodged with the CRO for any of companies of which I have been a shareholder over the years (viz. our management company, Bohemian FC, Vodafone, eircom, First National Building Society, EBS etc.)
The members/shareholders although directors can be co-opted under certain circumstances with some limited companies depending on the rules (memorandum and articles of association). Note that any member should also be able to run for directorship if they are unhappy with the existing board.
thanks clubman
it doesnt seem like any residents in our development want to get involved and become the director! we have been advised by our solicitor to vote the directors off the management company board but if no one wants to put themself forward - what can u do?
it doesnt seem like any residents in our development want to get involved and become the director! we have been advised by our solicitor to vote the directors off the management company board but if no one wants to put themself forward - what can u do?
Being a director of any company carries with it certain responsibilities. I presume that the ODCE or CRO websites have information. As for how much time it would take up actually dealing with management company matters I presume that this depends on how active the company is and whether or not they outsource day to day management to a management agent.
I always assumed that they were synonymous when it comes to most or all management companies. Otherwise how could a non shareholder member run for election to the board of directors? Anyway - if in doubt the management company lease and/or management company's memo and articles of association should clarify.